Markets rebounded after two day of sharp losses to end higher on Thursday after a strengthening rupee led to short covering in index heavyweights, At close, the Sensex was up 0.7% or 124 points at 18,789 and the Nifty gained 0.8% or 46 points to end at 5,565. In broader markets, the midcap and smallcap indices advanced 1.3% each, both outperforming the BSE benchmark index which closed 0.7% higher. Indian rupee firmed against the US dollar. The local currency was up 41 paise at 60.89 against the dollar on selling of the US currency by banks and exporters amidst volatile equity market. In international markets, strong trade data from China eased concerns about the global economic outlook on Thursday, supporting European and Asian shares. Nifty has strong support at 5500, Nifty has first resistance at 5600, For trend again to be in bull side a close above 5650 is required So short term buyers better buy above that level.
Thursday, August 8, 2013
Technical Outlook of nifty on 12/08/2013
Markets rebounded after two day of sharp losses to end higher on Thursday after a strengthening rupee led to short covering in index heavyweights, At close, the Sensex was up 0.7% or 124 points at 18,789 and the Nifty gained 0.8% or 46 points to end at 5,565. In broader markets, the midcap and smallcap indices advanced 1.3% each, both outperforming the BSE benchmark index which closed 0.7% higher. Indian rupee firmed against the US dollar. The local currency was up 41 paise at 60.89 against the dollar on selling of the US currency by banks and exporters amidst volatile equity market. In international markets, strong trade data from China eased concerns about the global economic outlook on Thursday, supporting European and Asian shares. Nifty has strong support at 5500, Nifty has first resistance at 5600, For trend again to be in bull side a close above 5650 is required So short term buyers better buy above that level.
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